By Zachary Hagen-Smith & Luis Fernando Chavez
Despite breathless media coverage, the U.S.-Canada trade fight is not actually that big a deal financially so far. The new U.S. tariffs on Canadian imports cover less than half of a percent of all U.S. goods imports, while Canada’s retaliatory tariffs, slated to start September 8, cover barely 6% of U.S. exports to Canada and mere 3% of all Canadian goods imports. But the trade skirmish could escalate into real money if the countries expand tariffs to more goods, or if they delay or derail the needed renegotiation of the U.S.-Mexico-Canada Agreement (USMCA) now underway.
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Originally published in The Economic Populist — a project of the American Economic Liberties Project.